India Post Payments Bank's 650 Branches To Be Launched By April

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In the parliament discussion on 3rd of January, it was informed that all 650 branches of India Post Payments Bank would be launched by April 2018, reported PTI.

India Post Payments Bank's 650 Branches To Be Launched By April

Minister of State for Communication Manoj Sinha said in his written reply that IPPB had launched 2 pilot branches on January 30, 2017 at Raipur (Chhattisgarh) and Ranchi (Jharkhand) in 2016-17, however no branches were rolled out in the current year 2017-18.

IPPB aims to have a pan-India reach. Subject to feasibility, all post offices (approximately 1.55 lakh) across the country will progressively become its access points to provide banking products and services as per RBI guidelines on payments bank.

Sinha also said that the payments bank proposes to tie up with banking and other financial institutions and expressions of interest for tie-ups have been received. It has entered into an MoU with Punjab National Bank (PNB) and PNB MetLife India Insurance Company Ltd.

Incorporated on August 17, 2016 under Companies Act, 2013 as a public limited company with 100 per cent Government of India equity under Department of Posts, IPPB has the license to carry out payments bank activities.

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